My god-son is in the process of securing a house that has just been built in Bradford with a home loan from Virgin Money. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Virgin Money conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Completed the sale of my flat in Bradford last January yet the purchaser is e-mailing every few hours to moan that her conveyancer is waiting to hear from mine. What are the post completion sale formalities now that I have sold?
Following your sale your solicitor should send the transfer documentation and all supplemental paperwork to the buyer’s lawyers. If applicable, your lawyer should also confirm that the mortgage has been discharged to the buyers solicitors. There is unlikely to be post completion tasks specific conveyancing in Bradford.
I am buying my first flat in Bradford with a loan from Norwich and Peterborough Building Society. The sellers refused to reduce the price so I negotiated 6k of fixtures and fittings instead. The house builders rep advised me not reveal to my solicitor about the side-deal as it would adversely affect my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking for a flat up to £245,000 and found one close by in Bradford I like with open areas and station in the vicinity, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Bradford suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage the shortness of the lease will likely be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
In what way can the Landlord & Tenant Act 1954 affect my business property in Bradford and how can your lawyers assist?
The 1954 Act affords security of tenure to commercial tenants, giving them the legal entitlement to make a request to court for a continuation of occupancy when the lease reaches an end. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and help with commercial conveyancing in Bradford
Are the Bradford conveyancing lawyers identified as being on the lender conveyancing panel, together with their details provided by the bank?
Bradford firms and firms conducting conveyancing in Bradford themselves provide us confirmation that they are on the bank conveyancing panel as opposed to being supplied with a list from the mortgage company directly.